Tiger21 Founder Michael Sonnenfeldt Says Ultra-Rich Are Turning to Bitcoin as a Store of Value
Tiger21 members, with a combined net worth of $200 billion, have invested approximately $6 billion in bitcoin and other cryptocurrencies, Michael Sonnenfeldt, the network’s founder, revealed during an interview with CNBC.
Sonnenfeldt highlighted that for many of the world’s wealthiest investors, bitcoin (BTC) has increasingly become a hedge against instability, a role traditionally filled by gold. “The areas of digital currencies remain really exciting. We have some members who are all in: it’s become a gold substitute,” Sonnenfeldt said. “Gold is for traditionalists, bitcoin is a bit more new-age, but they often serve the same purpose as storehouses of value.”
With BTC appreciating more than 125% in the last year and trading above $97,000, Sonnenfeldt emphasized the rising popularity of digital currencies among Tiger21 members. While they typically allocate 1%-3% of their wealth into cryptocurrencies, the trend toward embracing bitcoin as a store of value is clear.
Additionally, Sonnenfeldt noted that the members’ cash holdings have dropped to their lowest levels in 17 years, signaling strong market confidence and an increasing appetite for alternative investments like bitcoin.
